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Penn National Gaming and Boyd Gaming Corp are among the parties that are expected to enter bids on Station Casinos assets during a bankruptcy auction scheduled for August 6.
Both parties have shown interest in obtaining Las Vegas properties, but it has not been confirmed if bids will be submitted by the July 30 deadline. The case has been under fire since the founding family the Fertitta brothers took the company into bankruptcy with nearly $6 billion in debt.
The Judge not only approved the auction as a way to maximize the company’s value but also approved a controversial stalking horse proposal that allows the casinos to stay with the Fertitta’s.
The Red Rock Resort, Palace Station, Sunset Station, Boulder Station and Wild Wild West properties will be managed under a holding company operated by Stations lead investor Colony Capital and the Fertitta brothers while the remaining 11 properties, land holdings, and American Indian casino contracts are auctioned off with the same parties offering an opening bid of $772 million.
The judge’s ruling requires the winning bid to be a minimum of $17.5 million higher than the stalking horse bid.
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